(Yicai Global) April 11 – The finance industry increasingLY attracts more internet, telecom and smartphone companies. So far, all major Chinese internet companies have branched out into finance. The latest in the series is Xiaomi. Chinese electronics company released its 'Mi Loan' app on leading android app markets today, meaning that the app can be installed on Xiaomi smartphones and all other android devices.
The Beijing-based electronics manufacturer introduced micro loan services for its smartphone users in September 2015. Two products, 'cash loans' and 'installment credit,' have been launched so far. Before the release of the Mi Loan app, micro credit was operated as a service module of Xiaomi Finance. To date, nearly CNY10 billion (USD1.4 billion) worth of loans have been offered by the Chinese tech giant.
The company hopes to make the services accessible to more people. The iOS version of Mi Loan is currently being developed and will be released soon, a source at the company disclosed.
All of China's leading internet firms such as Baidu Inc. [NASDAQ:BIDU], Alibaba Group Holding Ltd. [NYSE:BABA] and Tencent Holdings Ltd. [HKG:0700] have launched their own financial service products.
Since its inception in 2015, Xiaomi Finance now covers a wide variety of financial businesses ranging from payment, wealth management and lending to insurance. Last year, Xiaomi secured business license for banking services in collaboration with another private company, New Hope Group, and established Sichuan XW Bank. Last September, it launched 'Mi Pay' after obtaining license for mobile payment in partnership with China United Network Communications Group Co., better known as China Unicom.